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ESSEX VILLAGE REALTY
MASSACHUSETTS MANDATORY
LICENSEE-CONSUMER RELATIONSHIP DISCLOSURE
This disclosure is provided to you, the consumer,
by the real estate agent listed on this form. Make sure you read both pages
of this form. The reverse side contains a more detailed description of
the different types of relationships available to you. This is not a contract.
THE TIME WHEN THE LICENSEE MUST PROVIDE THIS
NOTICE TO THE CONSUMER: All real estate licensees must present this form
to you at the first personal meeting with you to discuss a specific property.
The licensee can represent you as the seller (Seller's Agent) or represent
you as the buyer (Buyer's Agent) and also can assist you as a facilitator.
CONSUMER INFORMATION AND RESPONSIBILITY: Whether
you are the buyer or seller you can choose to have the advice, assistance
and representation of your own agent who works for you. Do not assume that
a real estate agent works solely for you unless you have an agreement for
that relationship. With your consent, licensees from the same firm may
represent a buyer and seller in the same transaction. These agents are
referred to as dual agents. Also a buyer and seller may be represented
by agents in the same real estate firm as designated agents. The "designated
seller or buyer agent" is your sole representative. However where
both the seller and buyer provide written consent to have a designated
agent represent them then the agent making such designation becomes a "dual
agent" for the buyer and seller. All real estate agents must, by law,
present properties honestly and accurately. They must also disclose known
material defects in the real estate. The duties of a real estate agent
do not relieve the consumers of the responsibility to protect their own
interests. If you need advice for legal, tax, insurance or land survey
matters it is your responsibility to consult a professional in those areas.
Real Estate agents do not have a duty to perform home, lead paint or insect
inspections nor do they perform septic system, wetlands or environmental
evaluations.
RELATIONSHIP OF REAL ESTATE LICENSEE
WITH THE CONSUMER
(check one) ___Seller's agent ___Buyer's agent
___Facilitator
IF A SELLER'S OR BUYER'S AGENT IS CHECKED
ABOVE COMPLETE THE SECTION BELOW:
Relationship with others affiliated with ___________________________________________________
(Print name of real estate firm or business
and license number) (Check one)
____The real estate agent listed below, the
real estate firm or business listed above and all other affiliated agents
have the same relationship with the consumer named herein (seller or buyer
agency, not designated agency).
____Only the real estate agent listed below
represents the consumer named in this form (designated seller or buyer
agency). In this situation any firm or business listed above and other
agents affiliated with the firm or business do not represent you and may
represent another party in your real estate transaction. By signing below
I, the real estate licensee, acknowledge that this disclosure has been
provided timely to the consumer named herein.
_________________________(signature of real
estate agent)
_________________________(Printed name of
real estate agent)
_________________________(License Number/Type)
_________________________(Today's Date)
By signing below I, the consumer, acknowledge
that I have received and read the information in this disclosure. _________________________(Signature
of consumer)
_________________________(Printed name of
consumer)
_________________________(Today's Date)
_________________________(Signature of consumer)
_________________________(Printed name of
consumer)
_________________________(Today's Date)
___Check here if the consumer declines to
sign this notice.
TYPES OF AGENCY REPRESENTATION
SELLER'S AGENT
A seller can engage the services of a real
estate agent to sell his property (called the listing agent) and the real
estate agent is then the agent for the seller who becomes the agent's client.
This means that the real estate agent represents the seller. The agent
owes the seller undivided loyalty, reasonable care, disclosure, obedience
to lawful instruction, confidentiality and accountability, provided, however,
that the agent must disclose known material defects in the real estate.
The agent must put the seller's interests first and negotiate for the best
price and terms for their client, the seller. (The seller may authorize
sub- agents to represent him/her in marketing its property to buyers, however
the seller should be aware that wrongful action by the real estate agent
or sub-agents may subject the seller to legal liability for those wrongful
actions).
BUYER'S AGENT
A buyer can engage the services of a real
estate agent to purchase property and the real estate agent Is then the
agent for the buyer who becomes the agent's client. This means that the
real estate agent represents the buyer. The agent owes the buyer undivided
loyalty, reasonable care, disclosure, obedience to lawful instruction,
confidentiality and accountability, provided, however, that the agent must
disclose known material defects in the real estate. The agent must put
the buyer's interests first and negotiate for the best price and terms
for their client, the buyer. (The buyer may also authorize sub- agents
to represent him/her in purchasing property, however the buyer should be
aware that wrongful action by the real estate agent or sub-agents may subject
the buyer to legal liability for those wrongful actions).
(NON-AGENT) FACILITATOR
When a real estate agent works as a facilitator
that agent assists the seller and buyer in reaching an agreement but does
not represent either the seller or buyer in the transaction. The facilitator
and the broker with whom the facilitator is affiliated owe the seller and
buyer a duty to present each property honestly and accurately by disclosing
known material defects about the property and owe a duty to account for
funds. Unless otherwise agreed, the facilitator has no duty to keep information
received from a seller or buyer confidential. The role of facilitator applies
only to the seller and buyer in the particular property transaction involving
the seller and buyer. Should the seller and buyer expressly agree a facilitator
relationship can be changed to become an exclusive agency relationship
with either the seller or the buyer.
DESIGNATED SELLER'S AND BUYER'S AGENT
A real estate agent can be designated by another
real estate agent (the appointing or designating agent) to represent either
the buyer or seller, provided the buyer or seller expressly agrees to such
designation. The real estate agent once so designated is then the agent
for either the buyer or seller who becomes their client. The designated
agent owes the buyer or seller undivided loyalty, reasonable care, disclosure,
obedience to lawful instruction, confidentiality and accountability, provided,
however, that the agent must disclose known material defects in the real
estate. The agent must put their client's interests first and negotiate
for the best price and terms for their client. In situations where the
appointing agent designates another agent to represent the seller and an
agent to represent the buyer then the appointing agent becomes a dual agent.
Consequently a dual agent cannot satisfy fully the duties of loyalty, full
disclosure, obedience to lawful instructions which is required of an exclusive
seller or buyer agent. The dual agent does not represent either the buyer
or the seller solely only your designated agent represents your interests.
The written consent for designated agency must contain the information
provided for in the regulations of the Massachusetts Board of Registration
of Real Estate Brokers and Salespeople (Board). A sample designated agency
consent is available at the Board's website at www.mass.gov/dpl/re.
DUAL AGENT
A real estate agent may act as a dual agent
representing both the seller and buyer in a transaction but only with the
express and informed consent of both the seller and buyer. Written consent
to dual agency must be obtained by the real estate agent prior to the execution
of an offer to purchase a specific property. A dual agent shall be neutral
with regard to any conflicting interest of the seller anduyer. Consequently
a dual agent cannot satisfy fully the duties of loyalty, full disclosure,
obedience to lawful instructions which is required of an exclusive seller
or buyer agent. A dual agent does, however, still owe a duty of confidentiality
of material information and accounting for funds. The written consent for
dual agency must contain the information provided for in the regulations
of the Massachusetts Board of Registration of Real Estate Brokers and Salespeople
(Board). A sample dual agency consent is available at the Board's website
at www.mass.gov/dpl/re.
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